The impact of big data and AI on real estate

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The real estate industry has changed drastically over the years with the development of the internet and the opportunities it brings to the sector. From online listings to outreach, there are better marketing opportunities for both buyers and sellers today.

The latest technology that's changing the landscape of several industries is artificial intelligence (AI) and big data. While these haven't had a significant effect on real estate yet, it's likely the industry will see big changes in the very near future.

Here, we're going to talk about some of the ways this tech can improve the real estate industry.

Getting the right content to your audience

Today, real estate marketing includes using social media, email drip campaigns, blogs, SEO content, and much more. Many of these things are done manually as brands learn what their audience is interested in and how to separate readers into different segments to cater content to. Real estate marketing works most efficiently when combined with digital and print media.

Today, AI is used to help us find the perfect show to watch on Netflix, the next artist to check out on Spotify, and delicious recipes on Pinterest. But what could AI do for real estate?

"In the future, it's feasible that an AI could be applied to home buyers, and not just sellers," say ATTOM Data Solutions. "What would that look like? What if you knew about the trends and tendencies of someone looking for a home? You knew what their income was and what qualities in a home were important to them. You could price homes not just based on the market, but based on individuals."

This technology will also help brokers and realtors cater their content to their audience and deliver the listings, blogs, videos and other information that matters most to each individual reader.

Finding the perfect listings

Just as AI and big data could be used to price homes according to popularity, you could also use this tech to customize the listings you show to your buyers. By gathering information on the buyers' past home purchases, their family situation, income and other qualifying attributes, you can make custom recommendations for your clients based on their preferences. This will narrow down your search for clients, cut the time it takes to close a deal, and cut costs for your buyers with a more efficient search process.

Giving buyers a chance to virtually experience their future home

Recently, BMW released an augmented reality experience on Snapchat where users could see and interact with the latest BMW model through their phone. They could see the car through their phone as if it were really there in front of them. Users could even walk around the car to see it from different angles, change the color of the vehicle, and check out new features.

With this technology applied to real estate, users could take a virtual tour of a home through their phones. Potential buyers could even experiment with this virtual tour by taking a wall out or changing the paint on the walls. This technology could help buyers picture themselves in their future home and give them the chance to see how their furniture might look in the house.

Final thoughts

AI and big data are going to bring some exciting new techniques to real estate marketing. They will bring your clients a more personalized experience that will only improve as you find your buyers their dream home. As the industry changes with these new developments, it's important to be adaptable and to integrate this technology into your real estate marketing strategy.